The Praedium Group LLC entered a joint venture with New York City-based Affirmative Equities to purchase Camden Fountains, a 552-unit apartment complex in Orlando, Fla.
The value of the transaction was $23.8 million.
The garden-style property, located at 5175 Cinderlane Parkway, was built from 1984-1986. The property includes two pools, two tennis courts and racquetball courts.
At the time of purchase, the property was 93 percent occupied.
Affirmative Equities Company is a full service real estate investment and development firm specializing in multifamily and senior housing opportunities on the East Coast.
The Praedium Group is a New York City-based real estate investor focusing on under-performing and under-valued assets throughout North America.
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